When is the right time to prepare your Will or to consult with an Attorney regarding your estate planning?
The answer to this question is, Now. However, there are always reasons clients have put this off. But this is not one of those timing issues. However, I have spoken with many people about this very topic and there are many reasons why people will put-off preparing a Will or even discuss Estate planning. There is the harbinger of death school of thought. The reasoning behind this theory is that if a person prepares for their estate, then the grim reaper will come knocking on their door. Although, I have had situations when I have prepared last minute estate planning documents just before someone with a terminal condition passed, this very rarely occurs. Further, we have had requests to prepare documents, when it was too late. Family members contact our office requesting that estate planning documents be prepared, including a Durable Power of Attorney, and the individual that needs the documents does not have the requisite mental capacity to execute the documents.
Another reason I have heard from clients is: “I’m fine now so I don’t need it now.” But this is exactly why should address your Will and other Estate Planning. You are fine. You are clear headed. You can make sound decisions. Yet, when you do not feel well, when you are in pain, when you are in an emotional struggle, you are in a much worse position to address these particularly important decisions. Further, if something severe should happen, impairing your ability to understand what you are doing and therefore, you would not be able to execute those documents which you might desperately need.
Another reason client’s put off estate planning is because they are not certain they know who should receive what; that things will change in the future; and, therefore, now is not the time to make these permanent decisions. Guess what, these documents can be amended (unless it is an irrevocable trust). Wills can be destroyed and rewritten, codicils can be added, beneficiaries changed, Durable Powers of Attorney changed and revoked. Estate Planning can be a very fluid process and can change with you and your needs.
So, when should you make the appointment. If you have found this web page, then you know my answer. Call my office and schedule the appointment.
I appreciate you taking the time to read this post.
Thank you and I look forward to hearing from you.
